The exchange traded fund (ETF) Market Vectors Gold Miners (GDX) jumped to an all-time high today as gold approached the key $800-an-ounce level on broad dollar weakness. The ETF hit a record high of $49.76 in intraday trading, reports Wanfeng Zhou for Thomson Financial. Currently, GDX is up 21.3% year-to-date. The U.S. Dollar Index, which tracks the greenback against the world’s major currencies, fell to a record low in intraday trading today ahead of an anticipated interest-rate announcement by the Federal Reserve on Wednesday. Most economists expect the central bank to cut the federal funds rate by 25 basis points this week.
- streetTracks Gold Shares Fund (GLD) – up 23.5%
- iShares Comex Gold Trust (IAU) – up 23.0%
- PowerShares DB Gold (DGL) – up 16.9% for the last three months, having launched in early 2007. It invests in gold futures not the bullion.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.